Not Ripple: Swift is experimenting with this blockchain
- While Ripple is often considered a Swift alternative, the financial messaging network is now testing with another blockchain. Swift is experimenting with an on-chain migration of its messaging system using Ethereum Layer 2 Linea, according to a report published Friday.
- “The project will take several months to complete, but it promises to be a major technological shift for international interbank payments,” an anonymous source said, according to the report.
- Swift, which serves more than 11,500 financial institutions, has previously experimented with blockchain technology. Last year, Swift announced that banks would conduct live tests of digital asset and currency transactions over its network during 2025.
- In August 2023, the global financial news network published the results of a series of experiments focused on transferring tokenized value across multiple public and private blockchains.
- “The results have the potential to remove significant frictions that slow the growth of tokenized asset markets and enable them to scale globally when they mature,” Swift said at the time.
- According to The Big Whale, Swift chose Linea because the “network emphasizes privacy through advanced cryptographic proofs, a feature considered critical for banks seeking to balance innovation with regulatory requirements.”
- The EVM-compatible blockchain Linea, developed by Consensys and using ZK-Rollup technology for scaling, has been in operation since July 2023, and the token went live just this month.
- The cryptocurrency with the ticker $LINEA has since fluctuated between $0.02 and $0.035. It currently has a market capitalization of $433 million.
- If you want to buy Linea, you can do so at Bitpanda, among others.
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- Article | The Big Whale
